Avoiding Cryptocurrency Questions, US SEC Chair Focuses on Treasury Market’s Role
Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), seemed unwilling to discuss cryptocurrencies during an interview with Bloomberg Television following a meeting on the US Treasury bond market. When asked about the status of Bitcoin spot ETF applications, Gensler diverted the question to emphasize the importance of the Treasury market.
Gensler highlighted the crucial role of the Treasury market, calling it the cornerstone of all US capital markets. According to him, this market is essential for government financing, Federal Reserve monetary policy, and maintaining the global dominance of the dollar. Gensler contrasted this importance with that of cryptocurrencies, describing them as a much smaller market that is non-essential for government and monetary functions.
SEC’s Review Process for Bitcoin ETFs
The SEC is currently reviewing over a dozen Bitcoin spot ETF applications from asset management giants such as BlackRock, Valkyrie, and Fidelity. These reviews come as the price of Bitcoin, the largest cryptocurrency in terms of market capitalization, has recently surged, fueling speculation about an imminent SEC decision. Gensler has previously described the SEC’s review process as a “time-tested” procedure while remaining discreet about the progress of the Bitcoin funds’ review.
